Winning $1 Million Not Once But Twice: The Latest Lottery Jackpot Twins from Massachusetts
The exhilarating feeling of winning a lottery can be equaled, and Massachusetts boasts two new winners who have accomplished just that. Unlike traditional lottery games like Powerball and Mega Millions, the scratch-off $5,000,000 100X Cashword game in Massachusetts costs $20.
The Split $1 Million Winners
Two gentlemen named Lawrence Troy and Jonathan Seward both cashed in their instant tickets at National Lottery headquarters in Massachusetts, within less than a half hour apart from each other. Both of them were bestowed with identical, jaw-dropping $1 million prizes. However, neither of the gentlemen ended up taking home the entire substantial sum, ultimately opting for a smaller $650,000 lump-sum payout after accounting for taxes.
Double Luck Strikes
Seward, a self-employed individual, experienced his life-changing moment while he was unwinding by the fireplace, enjoying some bills and a glass of wine. His plan is to invest his winnings into his business. Interestingly, the ticket that led to his fortunes was sold at a variety store in Sheffield, approximately two and a half hours southwest of Boston. In an interesting twist of fate, Silk’s Variety is not only the sole current lottery retailer in Sheffield, but also celebrated selling its first million-dollar winning ticket from the store. For having sold Seward the winning ticket, the retailer was also awarded a generous $10,000 bonus.
Troy, on the other hand, does not have a definite plan for his winnings. His ticket was purchased from a 7-Eleven store in Mansfield, which was also granted a $10,000 bonus. The odds of winning any prize in $5,000,000 100X Cashword games are one in 2.86, while the chances of winning the grand prize of $1 million are one in 1,008,000.
The Choice of a Lifetime: Now or Later
With large lottery winnings, players are typically presented with the choice of claiming a lump-sum payment or annual payments. A lump-sum payment offers the entire winnings in one go, but the winner must relinquish a significant portion of it to taxes. Notably, a lottery player from Ohio experienced a substantial reduction in his prize after opting for a lump-sum payment – he ended up with only $180,000 after taxes, choosing to split the prize with a friend. Winners can alternatively opt for an annuity, entailing an immediate payment followed by annual installments, potentially lasting for several years. However, there are risks associated with this option, such as changes in tax rates or the unfortunate circumstance of the winner passing away before receiving the entire amount.
Gambling Responsibly
It’s essential to acknowledge that lottery games are a form of gambling, which inherently involves risk. Only purchase tickets when you can comfortably afford to do so. For individuals dealing with gambling addiction or seeking support for a loved one, they can contact the National Gambling Hotline at 1-800-522-4700 or visit the National Council on Problem Gambling website for assistance.
Notably, Kansas is in search of a Powerball winner who is yet to claim their $1 million prize. The unpredictable emotions associated with winning a lottery were encapsulated by a player who believed they were having a heart attack upon discovering their jackpot win, only to immediately lose half of it. With fortunes changing overnight, it’s crucial to practice responsible gambling behavior always.